119-hr3314

[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[H.R. 3314 Introduced in House

    (IH) ]

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119th CONGRESS
 1st Session
 H. R. 3314

To prohibit the issuance, promotion, or sale of digital assets that use 
the name, likeness, or identifiable traits of certain Federal officials 
 or their immediate family for financial gain, and to establish 
 regulatory oversight under the Securities and Exchange Commission.

_______________________________________________________________________

 IN THE HOUSE OF REPRESENTATIVES

 May 8, 2025

 Mr. Torres of New York introduced the following bill; which was 
 referred to the Committee on Financial Services

_______________________________________________________________________

 A BILL

To prohibit the issuance, promotion, or sale of digital assets that use 
the name, likeness, or identifiable traits of certain Federal officials 
 or their immediate family for financial gain, and to establish 
 regulatory oversight under the Securities and Exchange Commission.

 Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

 This Act may be cited as the ``Stop Presidential Profiteering from 
Digital Assets Act''.

SEC. 2. DEFINITIONS.

 For the purposes of this Act:

    (1) Digital asset means a digital representation of value 
 that is recorded on a cryptographically secured distributed 
 ledger or any similar technology, including but not limited to, 
 cryptocurrencies, stablecoins, and meme coins.

    (2) Covered individual means:
        (A) The President or Vice President of the United 
 States;
        (B) Members of Congress;
            (C) Any Federal officer or official confirmed by 
 the Senate; or
            (D) Any immediate family member of such 
 individuals.

    (3) Immediate family member includes a spouse, child, or 
 other relative residing in the same household.

    (4) Identifiable traits include name, image, likeness, 
 signature, slogans, or other personally distinguishing 
 characteristics.

SEC. 3. PROHIBITION ON DIGITAL ASSET EXPLOITATION FOR PERSONAL GAIN.

    (a) Unlawful Conduct.--It shall be unlawful for any person to 
issue, promote, market, or sell a digital asset that:

    (1) Uses the identifiable traits of a covered individual; 
 and

    (2) Is reasonably likely to result in direct or indirect 
 financial gain to such individual.

    (b) Presumption of Violation.--A digital asset that meets the 
conditions in subsection

    (a) shall be presumed to violate this Act, 
regardless of consent or endorsement by the covered individual.
            (c) Consent Not a Defense.--Voluntary participation or 
authorization by a covered individual shall not constitute a defense to 
liability under this section.

SEC. 4. ENFORCEMENT BY SECURITIES AND EXCHANGE COMMISSION.

    (a) Authority.--The Securities and Exchange Commission shall have 
exclusive authority to enforce the provisions of this Act.

    (b) Penalties.--Any person found to have violated this Act shall be 
subject to:

    (1) A civil penalty not to exceed $250,000 per violation; 
 or

    (2) An amount equal to the gross financial gain received, 
 whichever is greater.
            (c) Injunctive Relief.--The Commission may seek injunctive relief 
to prevent the issuance or further distribution of prohibited digital 
assets.

SEC. 5. RULEMAKING.

 The Securities and Exchange Commission shall promulgate regulations 
to implement and enforce this Act no later than 180 days after its 
enactment.
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